S&P lifts HGI ratings

Standard & Poor's said it raised its corporate credit rating on HGI Holding Inc. to B+ from B and the issue-level ratings on the company's senior secured and senior unsecured debt by one notch in connection with the upgrade of the corporate credit rating.

"The upgrade reflects HGI's track record of mostly low double-digit organic growth that has resulted in steady EBITDA growth and free cash flow generation," said S&P credit analyst Michael Berrian in a news release.

The company has used part of the free cash flow to reduce debt and, coupled with EBITDA growth, leverage has declined to just under 4.5x, the agency noted.

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